How Often Should You Update Your Estate Plan?
Once an estate strategy is in place, it should only require periodic reviews to check that it still reflects your wishes. However, life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy.
The world of estate strategies is changing, as covered in the Trust & Will 2025 Estate Planning Report. Did you know:
- While 83 percent of Americans acknowledge the importance of their estate, only 31 percent have established a will.1
- Almost one in four Millennials and Gen Zers prefer trusted friends or professionals over family members, selecting them as executors and guardians.1
- Financial anxiety, as 49 percent of Americans are more worried about their economic future than they were a year ago.1
- Inflation, with 78 percent of Americans reporting that it has made pursuing their life goals more difficult.1
These statistics underscore the need for everyone, regardless of their economic level, to maintain an estate strategy that reflects their current needs.
Here are some general guidelines, although everyone has unique financial circumstances. You might want to update your strategy in case of:
- Marriage or divorce within your family or heirs
- Births, adoptions, and deaths
- Any relocation, especially if you're contemplating a move to another state, as laws might have subtle differences
Here are some other reasons to update your estate strategy:
- You're experiencing a health change
- You are considering the sale of a business and want to update how the assets will be handled in your estate strategy
- Changes in federal tax law
- Changes in state tax law, including inheritance tax law
- You have decided to change your beneficiaries
If it's been a while, are you confident that your estate strategy proactively addresses potential challenges, seizes new opportunities, and optimizes the distribution of your assets according to your wishes? Many individuals will hold a family meeting to explain the estate's structure and their decisions regarding it.
Estates are complicated. Getting started with online tools can be a great first step. But you might want to work with an estate professional who can ask you tough questions.
Since 2004, TCM Wealth Advisors has delivered comprehensive, fee-only fiduciary financial guidance to individuals, families, and business owners across Northeast Ohio—including the greater Akron/Canton and Cleveland areas—as well as to clients nationwide. Our independent, client-first approach ensures that every recommendation is made in your best interest. As a fully independent advisory firm held to the highest fiduciary standard, we are legally and ethically obligated to act solely in your best interest. Our fee-only compensation model eliminates the conflicts of interest found in commission-based structures, allowing us to deliver objective, personalized advice tailored to your specific goals and financial circumstances. Whether you're building wealth, preparing for retirement, planning for business succession, or facing complex financial decisions, TCM Wealth Advisors leverages over 39 years of financial and investment planning experience to deliver strategic, goal-based solutions to help you achieve long-term financial success. To begin your journey towards a successful and stress-free financial future, please give us a call at 330-836-7000 to schedule an introductory conversation. Alternatively, you may also schedule an introductory conversation with us here.